铁矿石早报 研究中心黑色团队 2026/2/27 (100) (50) 0 50 100 - / 50 80 110 140 170 200 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/1 -PB / 0 10 20 30 40 50 60 -PB / 2022 2023 2024 2025 2026 80 90 100 110 120 130 140 150 160 170 180 (20) 0 20 40 60 80 100 120 140 160 180 0% 5% 10% 15% 20% 2023 2024 2025 2026 2023 2024 2025 2026 2023 2024 2025 2026 20 30 40 50 60 70 PB - 2023 2024 2025 2026 / 50 70 90 110 130 150 170 190 PB - 2023 2024 2025 2026 / 0 20 40 60 80 100 120 140 -57% 2023 2024 2025 2026 / 2022 2023 2024 2025 202 ...

2月26日进口矿市场小幅下跌。根据兰格钢铁网监测数据显示，截止15:00，新加坡铁矿石掉期主连合约 98.85美元，涨0.18%。日照港60.8%PB粉参考价格为745元，与上一工作日跌5元，61%麦克粉参考价格 为745元，与上一工作日跌5元。青岛港60.8%PB粉参考价格为745元，与上一工作日跌10元。61%麦克 粉参价格为745元，与上一工作日稳。天津港61.5%PB粉参考价格为770元，与上一...... 进口矿市场小幅下跌 预计明日市场窄幅震荡 来源：兰格钢铁网 ...

Group 1: Report Information - Report Name: Iron Ore Morning Report [1] - Research Team: Black Team of the Research Center [2] - Report Date: February 25, 2026 [2] Group 2: Spot Market Data - **Australia's Mainstream Iron Ore**: Newman powder price is 740, down 8 daily and 19 weekly, with a disc conversion of 791.1; PB powder price is 744, down 8 daily and 19 weekly, disc conversion is 790.7; Mac powder price is 738, down 8 daily and 19 weekly, disc conversion is 806.2; Jinbuba powder price is 697, down 8 daily and 19 weekly, disc conversion is 786.1; Mixed powder price is 701, down 4 daily and 6 weekly, disc conversion is 836.8; Super special powder price is 638, down 3 daily and 12 weekly, disc conversion is 854.6; Carajás powder price is 859, up 5 daily and down 4 weekly, disc conversion is 790.9 [3]. - **Brazil's Mainstream Iron Ore**: Brazilian mixed powder price is 778, down 5 daily and 13 weekly, disc conversion is 780.9; Brazilian coarse IOC6 price is 719, down 8 daily and 19 weekly, disc conversion is 788.6; Brazilian coarse SSFG price is 724, down 8 daily and 19 weekly [3]. - **Non - mainstream Iron Ore**: Ukrainian concentrate powder price is 840, down 4 daily and up 2 weekly, disc conversion is 926.0; 61% Indian powder price is 686, down 8 daily and 19 weekly; Karara concentrate powder price is 844, down 4 daily and 3 weekly, disc conversion is 860.8; Roy Hill powder price is 731, down 8 daily and 19 weekly, disc conversion is 804.7; KUMBA powder price is 803, down 8 daily and 19 weekly, disc conversion is 781.1; 57% Indian powder price is 573, down 3 daily and 12 weekly; Atlas powder price is 696, down 4 daily and 6 weekly [3]. - **Other Products**: PB block/block premium price is 843, down 5 daily and 7 weekly; Ukrainian pellet/pellet premium price is 840, down 4 daily and up 2 weekly; Tangshan iron concentrate price is 944, down 13 daily and 19 weekly, disc conversion is 831.0 [3]. Group 3: Forward Market Data - **Newman Powder**: The forward price is 93.80, up 0.90 daily and 0.25 weekly, with an import profit of 12.44 [3]. - **Mac Powder**: The forward price is 93.60, up 1.00 daily and 0.35 weekly, with an import profit of 33.76 [3]. - **Jinbuba Powder**: The forward price is 86.20, up 1.65 daily and 1.00 weekly, with an import profit of 41.15 [3]. - **Mixed Powder**: The forward price is 91.25, up 0.90 daily and 0.25 weekly, with an import profit of 12.60 [3]. - **Super Special Powder**: The forward price is 85.75, up 0.90 daily and 0.25 weekly, with an import profit of - 1.20 [3]. - **Carajás Powder**: The forward price is 114.05, up 1.05 daily and 0.40 weekly, with an import profit of 9.85 [3]. - **Brazilian Mixed Powder**: The forward price is 103.35, up 1.55 daily and 0.90 weekly, with an import profit of 10.11 [3]. - **Roy Hill Powder**: The forward price is 89.95, up 0.85 daily and 0.20 weekly, with an import profit of 59.17 [3]. Group 4: Futures Market Data - **Dalian Commodity Exchange**: i2701 contract price is 713.5, down 6.5 daily and 18.5 weekly, with a monthly spread of 11.0 and a basis of 67.4, up 1.8 daily and 4.4 weekly; i2605 contract price is 740.5, down 5.5 daily and 21.0 weekly, with a monthly spread of - 27.0 and a basis of 40.4, up 0.8 daily and 6.9 weekly; i2609 contract price is 724.5, down 6.0 daily and 19.5 weekly, with a monthly spread of 16.0 and a basis of 56.4, up 1.3 daily and 5.4 weekly [3]. - **Singapore Exchange**: FE01 contract price is 93.82, up 0.36 daily and 0.28 weekly, with a monthly spread of 0.95 and a basis of - 19.7, up 7.5 daily and 10.1 weekly; FE05 contract price is 95.50, up 0.42 daily and 0.10 weekly, with a monthly spread of - 1.68 and a basis of - 7.5, up 8.8 daily and 9.8 weekly; FE09 contract price is 94.77, up 0.42 daily and 0.25 weekly, with a monthly spread of 0.73 and a basis of - 17.0, up 7.8 daily and 11.0 weekly [3].

铁矿石日报 2026 年 02 月 24 日 研究所 黑色研发报告 | | 今日 | 昨日 | 涨跌 | | 今日 | 昨日 | 涨跌 | | --- | --- | --- | --- | --- | --- | --- | --- | | DCE01 | 713.5 | 720.0 | -6.5 | I01-I05 | -27.0 | -26.0 | -1.0 | | DCE05 | 740.5 | 746.0 | -5.5 | I05-I09 | 16.0 | 15.5 | 0.5 | | DCE09 | 724.5 | 730.5 | -6.0 | I09-I01 | 11.0 | 10.5 | 0.5 | | 现货 | 昨天 | 前天 | 涨跌 | 折标准品 | 01厂库基差 | 05厂库基差 | 09厂库基差 | | P B粉(60.8%) | 752 | 763 | -11 | 816 | 88 | 62 | 78 | | 纽曼粉 | 752 | 763 | -11 | 823 | 95 | 69 | 84 | | 麦克粉 | 745 | 755 | -10 | 823 | 95 | 69 | ...

Group 1: Report Information - The report is the Iron Ore Morning Report released by the Black Team of the Research Center on February 24, 2026 [1][2] Group 2: Spot Market Data - **Price Changes**: The prices of various iron ore varieties have different degrees of daily and weekly changes. For example, the price of the Platts 61 Index is 99.60, with a daily change of -0.35 and a weekly change of -0.70. Newman powder is priced at 748, with a daily change of -11 and a weekly change of -10 [3] - **Import Profits**: Different varieties also have different import profits. For instance, the import profit of Newman powder is 23.12, and that of Macfarlane powder is 45.07 [3] Group 3: Futures Market Data - **Dalian Commodity Exchange**: The latest price of i2701 is 720.0, with a daily change of -13.5 and a weekly change of -12.5. The latest price of i2605 is 746.0, with a daily change of -16.0 and a weekly change of -14.5. The latest price of i2609 is 730.5, with a daily change of -14.5 and a weekly change of -12.0 [3] - **Singapore Exchange**: The latest price of FE01 is 97.07, with a daily change of -0.30 and a weekly change of -1.10. The latest price of FE05 is 99.28, with a daily change of -0.42 and a weekly change of -1.07. The latest price of FE09 is 98.27, with a daily change of -0.27 and a weekly change of -1.16 [3] Group 4: Basis and Spread Data - **Basis**: The basis of i2701 is 65.5, with a daily change of 4.1 and a weekly change of 3.9. The basis of i2605 is 39.5, with a daily change of 6.6 and a weekly change of 5.9. The basis of i2609 is 55.0, with a daily change of 5.1 and a weekly change of 3.4 [3] - **Spread**: The monthly spread of i2701 is 10.5, that of i2605 is -26.0, and that of i2609 is 15.5 [3]

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - No clear core view presented in the given content 3. Summary According to Related Catalogs Futures Market Data - DCE01 remained unchanged at 733.5, DCE05 decreased by 0.5 to 762.0, and DCE09 remained at 745.0 [2] - The spread I01 - I05 increased by 0.5 to -28.5, I05 - I09 decreased by 0.5 to 17.0, and I09 - I01 remained at 11.5 [2] Spot Market Data - Prices of most iron ore spot varieties remained stable, with some minor changes like FMG increasing by 1, SP10 increasing by 4, and Ukrainian concentrate increasing by 8 [2] - The optimal deliverable was BRBF(63%) with a price of 803, 01 - contract basis of 62, 05 - contract basis of 33, and 09 - contract basis of 50 [2] Spot Variety Spread and Import Profit - Some spreads remained stable (e.g., Carajás - PB powder at 97), while others changed slightly (e.g., Newman lump - Newman powder increased by 2) [2] - Import profits also had minor changes: Carajás increased by 1 to 0, Newman powder decreased by 1 to 48, etc. [2] Index Data - The Platts 61% iron ore price decreased by 0.3 to 100.0, 65% remained at 116.5, and 58% decreased by 0.3 to 92.0 [2] - The SGX - DCE spreads remained mostly unchanged (e.g., SGX main - DCE01 at 4.1) [2]

Group 1: Report Overview - Report Name: Iron Ore Morning Report [1] - Report Date: February 12, 2026 [2] - Research Team: Black Team of the Research Center [2] Group 2: Spot Market Australian Mainstream Iron Ore - **Price Changes**: Newman powder, PB powder, Mac powder, and Jinbuba powder all decreased by 18 yuan compared to the previous week. The mixed powder increased by 1 yuan compared to the previous day and decreased by 15 yuan compared to the previous week. The super special powder decreased by 16 yuan compared to the previous week. The car powder decreased by 18 yuan compared to the previous week [3]. - **Import Profits**: The import profit of Newman powder was 11.15 yuan, Mac powder was 32.33 yuan, Jinbuba powder was 44.34 yuan, and the mixed powder was 0.57 yuan. The super special powder had a loss of -7.15 yuan, and the car powder had a loss of -6.52 yuan [3]. Brazilian Mainstream Iron Ore - **Price Changes**: The Brazilian mixed decreased by 29 yuan compared to the previous week, and Brazilian coarse IOC6 and Brazilian coarse SSFG decreased by 18 yuan compared to the previous week [3]. - **Import Profits**: The import profit of the Brazilian mixed was 6.60 yuan [3]. Non - mainstream Iron Ore - **Price Changes**: Ukrainian iron concentrate powder increased by 8 yuan compared to the previous day and decreased by 13 yuan compared to the previous week. The 61% Indian powder decreased by 18 yuan compared to the previous week. The Karara iron concentrate powder increased by 3 yuan compared to the previous day and decreased by 14 yuan compared to the previous week. Roy Hill powder decreased by 18 yuan compared to the previous week. The KUMBA powder decreased by 18 yuan compared to the previous week. The 57% Indian powder decreased by 16 yuan compared to the previous week. The Atlas powder increased by 1 yuan compared to the previous day and decreased by 15 yuan compared to the previous week [3]. - **Import Profits**: The import profit of Roy Hill powder was 58.64 yuan [3]. Others - **PB Lump/Ore Premium**: The price was 852 yuan, increasing by 2 yuan compared to the previous day and 2 yuan compared to the previous week. The premium was 0.0505, increasing by 0.01 compared to the previous day and 0.0275 compared to the previous week [3]. - **Ukrainian Pellets/Pellet Premium**: The price was 846 yuan, increasing by 8 yuan compared to the previous day and decreasing by 13 yuan compared to the previous week. The premium was 15.30, decreasing by 0.20 compared to the previous day and 0.20 compared to the previous week [3]. - **Domestic Ore**: The price of Tangshan iron concentrate powder was 963 yuan, remaining unchanged compared to the previous day and decreasing by 6 yuan compared to the previous week [3]. Group 3: Futures Market Dalian Commodity Exchange - **i2701**: The latest price was 733.5 yuan, increasing by 1.5 yuan compared to the previous day and decreasing by 20.0 yuan compared to the previous week. The monthly spread was 11.5 yuan. The basis was 61.5 yuan, decreasing by 1.5 yuan compared to the previous day and increasing by 0.3 yuan compared to the previous week [3]. - **i2605**: The latest price was 762.5 yuan, increasing by 1.0 yuan compared to the previous day and decreasing by 19.0 yuan compared to the previous week. The monthly spread was - 29.0 yuan. The basis was 32.5 yuan, decreasing by 1.0 yuan compared to the previous day and decreasing by 0.7 yuan compared to the previous week [3]. - **i2609**: The latest price was 745.0 yuan, increasing by 1.0 yuan compared to the previous day and decreasing by 19.5 yuan compared to the previous week. The monthly spread was 17.5 yuan. The basis was 50.0 yuan, decreasing by 1.0 yuan compared to the previous day and decreasing by 0.2 yuan compared to the previous week [3]. Singapore Exchange - **FE01**: The latest price was 97.24 US dollars, decreasing by 0.15 US dollars compared to the previous day and 2.80 US dollars compared to the previous week. The monthly spread was 1.24 US dollars. The difference between the domestic and foreign markets was - 27.4 yuan, increasing by 2.5 yuan compared to the previous day and 8.9 yuan compared to the previous week [3]. - **FE05**: The latest price was 99.66 US dollars, increasing by 0.10 US dollars compared to the previous day and decreasing by 2.43 US dollars compared to the previous week. The monthly spread was - 2.42 US dollars. The difference between the domestic and foreign markets was - 16.8 yuan, increasing by 0.5 yuan compared to the previous day and 7.1 yuan compared to the previous week [3]. - **FE09**: The latest price was 98.48 US dollars, decreasing by 0.08 US dollars compared to the previous day and 2.82 US dollars compared to the previous week. The monthly spread was 1.18 US dollars. The difference between the domestic and foreign markets was - 25.1 yuan, increasing by 2.9 yuan compared to the previous day and 10.1 yuan compared to the previous week [3].

Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core Views - No core view information provided in the report Group 3: Summary of Key Data Futures Prices - DCE01: 733.5 today, up 1.5 from yesterday [2] - DCE05: 762.5 today, up 1.0 from yesterday [2] - DCE09: 745.0 today, up 1.0 from yesterday [2] Spread between Futures Contracts - I01 - I05: -29.0 today, up 0.5 from yesterday [2] - I05 - I09: 17.5 today, unchanged from yesterday [2] - I09 - I01: 11.5 today, down 0.5 from yesterday [2] Spot Prices - PB powder (60.8%): 763 today, unchanged from yesterday [2] - Newman powder: 763 today, unchanged from yesterday [2] - Macfarlane powder: 755 today, unchanged from yesterday [2] Spot - Futures Basis - PB powder (60.8%): 01 factory basis 88, 05 factory basis 59, 09 factory basis 76 [2] - Newman powder: 01 factory basis 95, 05 factory basis 65, 09 factory basis 83 [2] - Macfarlane powder: 01 factory basis 94, 05 factory basis 65, 09 factory basis 82 [2] Spot Variety Spreads - Carajás powder - PB powder: 97 today, unchanged from yesterday [2] - Newman powder - Jimbobara powder: 47 today, unchanged from yesterday [2] - Carajás powder - Jimbobara powder: 148 today, unchanged from yesterday [2] Import Profits - Carajás powder: -1 today, unchanged from yesterday [2] - Newman powder: 49 today, down 2 from yesterday [2] - PB powder: 23 today, up 1 from yesterday [2] Platts Index - Platts Iron Ore 61% price: 100.2 today, unchanged from yesterday [2] - Platts Iron Ore 65% price: 116.5 today, unchanged from yesterday [2] - Platts Iron Ore 58% price: 92.2 today, up 0.4 from yesterday [2] USD Spread between Domestic and Overseas Markets - SGX main - DCE01: 4.1 today, down 0.3 from yesterday [2] - SGX main - DCE05: 0.3 today, down 0.3 from yesterday [2] - SGX main - DCE09: 2.6 today, down 0.4 from yesterday [2]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Not provided in the given content 3. Summary by Category Spot Market - **Price Changes**: The prices of most iron ore varieties showed little to no daily change. For example, Newman powder, PB powder, and most Australian and Brazilian mainstream varieties had a daily change of 0. However, Ukrainian fine powder and Karara fine powder increased by 3, and PB lump/ lump premium increased by 5 [3]. - **Weekly Changes**: Most varieties had a downward trend in weekly changes. For instance, the weekly change of the Platts 61 index was -2.20, and many Australian and Brazilian mainstream varieties decreased by 14 or 13 [3]. Forward Market - **Price Changes**: The forward prices of some varieties also showed certain changes. For example, the daily change of the Newman powder forward price was 0.50, and its weekly change was -1.25 [3]. Futures Market - **Dalian Commodity Exchange (DCE)**: The i2701 contract had a price of 732.0 with no daily change and a weekly change of -17.0. The i2605 contract was priced at 761.5 with no daily change and a weekly change of -16.0, and the i2609 contract was at 744.0 with a daily change of 1.0 and a weekly change of -16.0 [3]. - **Singapore Exchange (SGX)**: The FE01 contract was at 97.39 with a daily change of 0.55 and a weekly change of -3.32. The FE05 contract was priced at 99.56 with a daily change of 0.60 and a weekly change of -3.43, and the FE09 contract was at 98.56 with a daily change of 0.53 and a weekly change of -3.41 [3].

Group 1: Report Information - Report Name: Iron Ore Daily Report [2] - Report Date: February 10, 2026 [2] Group 2: Futures Prices - DCE01 price: 732.0, unchanged from yesterday [2] - DCE05 price: 761.5, unchanged from yesterday [2] - DCE09 price: 744.0, up 1.0 from yesterday [2] - I01 - I05 spread: -29.5, unchanged from yesterday [2] - I05 - I09 spread: 17.5, down 1.0 from yesterday [2] - I09 - I01 spread: 12.0, up 1.0 from yesterday [2] Group 3: Spot Prices - PB powder (60.8%) price: 763, up 2 from the day before yesterday [2] - Newman powder price: 763, up 2 from the day before yesterday [2] - Mac powder price: 755, down 1 from the day before yesterday [2] - Jinbuba powder (60.5%) price: 716, up 1 from the day before yesterday [2] - Roy Hill powder price: 753, up 2 from the day before yesterday [2] - Super Special powder price: 653, up 2 from the day before yesterday [2] - BRBF (62.5%) price: 784, down 10 from the day before yesterday [2] - BRBF (63%) price: 790, down 10 from the day before yesterday [2] - FMG price: 709, up 2 from the day before yesterday [2] - Carajás powder price: 864, up 6 from the day before yesterday [2] - Karara concentrate price: 846, unchanged from the day before yesterday [2] - Ukrainian concentrate price: 835, unchanged from the day before yesterday [2] - IOC6 price: 738, up 1 from the day before yesterday [2] - KUMBA price: 832, unchanged from the day before yesterday [2] - SP10 price: 689, up 4 from the day before yesterday [2] - Minmetals standard powder price: 774, unchanged from the day before yesterday [2] Group 4: Basis and Spread - Optimal delivery product: BRBF (63%) [2] - 01 factory warehouse basis: 63 [2] - 05 factory warehouse basis: 34 [2] - 09 factory warehouse basis: 52 [2] - Carajás powder - PB powder spread: 97, up 4 from the day before yesterday [2] - Newman powder - Jinbuba powder spread: 47, up 1 from the day before yesterday [2] - Carajás powder - Jinbuba powder spread: 148, up 5 from the day before yesterday [2] - PB powder - Jinbuba powder spread: 51, up 1 from the day before yesterday [2] - Newman lump - Newman powder spread: 86, up 5 from the day before yesterday [2] - Roy Hill lump - Roy Hill powder spread: 19, up 5 from the day before yesterday [2] - Mac powder - Super Special powder spread: 102, down 3 from the day before yesterday [2] - PB powder - Super Special powder spread: 114, unchanged from the day before yesterday [2] - PB lump - PB powder spread: 78, up 4 from the day before yesterday [2] Group 5: Index and Spread - Platts 61% iron ore price: 100.2, up 1.5 from the day before yesterday [2] - Platts 65% iron ore price: 116.5, up 1.5 from the day before yesterday [2] - Platts 58% iron ore price: 91.9, up 0.5 from the day before yesterday [2] - SGX main - DCE01 spread: 4.4, up 0.9 from the day before yesterday [2] - SGX main - DCE05 spread: 0.7, up 0.7 from the day before yesterday [2] - SGX main - DCE09 spread: 3.0, up 0.8 from the day before yesterday [2] Group 6: Import Profit - Carajás powder import profit: -1, up 1 from the day before yesterday [2] - Newman powder import profit: 51, down 4 from the day before yesterday [2] - PB powder import profit: 22, down 7 from the day before yesterday [2] - Jinbuba powder import profit: 53, down 5 from the day before yesterday [2] - Super Special powder import profit: 5, down 2 from the day before yesterday [2] - PB lump import profit: 112, down 6 from the day before yesterday [2] - BRBF import profit: 11, down 14 from the day before yesterday [2] - Mac powder import profit: 45, down 7 from the day before yesterday [2] - FMG import profit: 6, down 2 from the day before yesterday [2]